Alfred Marshall

English-born economist Alfred Marshall published his most influential book "Principles of Economics" in 1890. This seminal work popularized the concepts of supply and demand curves, short run versus long run assumptions, and price-elasticity. Alfred Marshall is considered to be one of the most influential economists during the late 19th and early 20th century.
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Rainmaker

In business, the term "rainmaker" refers to an executive or sales person with exceptional ability to attract clients and increase profits. The term was adapted from the Native-American practice of using rituals and incantations to induce rainfall. Those with rainmaker status are usually compensated very well for their efforts.
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Economic Espionage Act

A two-year effort on the part of the FBI and U.S. industry professionals in the Economic Espionage Act of 1996. Prior to enactment of this act, there was virtually no federal statute that outlawed the theft of trade secrets. Canadian Xiaodong Sheldon Meng was the first person convicted under the act in 2007 for providing U.S. military application trade secrets to the Peoples Republic of China.
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Recession

Two consecutive quarters of falling Gross National Product define a recession. Predicting economic recession is a difficult task even for economists. Forces that typically exhaust an economic expansion include heated consumer spending, shifts in fiscal or monetary policy, or jolts from strikes, wars or natural disasters. Recessions are usually officially declared after they have commenced.
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Sole proprietors

A sole proprietor is someone who owns an unincorporated business by himself or herself. This form of business is the simplest as there are no legal formalities to forming a business and the business is not separate from the individual. Unlike other business classes, a sole proprietor is fully liable if the business gets sued. Sole proprietors may also find it harder raising business capital.
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Product warranties

Product warranty contracts, once a revenue cash cow for retailers and manufacturers, are wearing off. Retailers such as Best Buy and Circuit City once enjoyed huge windfalls from warranty sales. The culprit is products that are getting cheaper to replace as well as products that are lasting longer. The result is more consumers rationalizing on warranties.
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National Inventors Hall of Fame

The National Inventors Hall of Fame, established in 1973 by the U.S. Patent and Trademark Office, honors the people responsible for the great technological advances that make human, social and economic progress possible. Visit online at invent.org, browse inventors and inventions, and locate inventions within various invention channels. The Hall of Fame is located in Akron, Ohio.
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